Sensex closes in positive territory; IT stocks gain

A benchmark index of Indian equities markets Friday recouped some of the losses it had incurred the day before following a record depreciation of the rupee and negative global cues after the US Federal Reserve signalled an end to its bond-buying programme.

The recovery in the index was led by information technology (IT) and technology, media and entertainment (TECk) companies which are expected to gain from a falling rupee.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 19,695.80 points, closed at 18,774.24 points, up 54.95 points or 0.29 percent from its previous day's close at 18,719.29 points.

The Sensex, which had plunged more than 500 points Thursday, touched a high of 18,820.81 points and a low of 18,615.14 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed in positive territory. It closed down 0.21 percent or 11.75 points up at 5,667.65 points.

There was healthy buying in IT, TECk and automobile scrips.

However, heavy selling pressure was seen in stocks such as metal, banks,and capital goods.

The S&P BSE IT index was up 84.90 points, TECk index was 39.12 points higher and the automobile index was up 36.37 points. However, the S&P BSE metal index plummeted 111.62 points, bank index dipped 48.03 points and the capital goods index plunged 29.00 points.

Half of the 30-sensitive companies gained in the day's trade. These included: ONGC, up 2.56 percent at Rs.308; DrReddys Lab, up 2.23 percent at Rs.2,123.80; Infosys, up 2.21 percent at Rs.2,419.15; NTPC, up 2.11 percent at Rs.143.05; and Maruti Suzuki, up 1.91 percent at Rs.1,554.95.

The main losers were: Jindal Steel, down 8.06 percent at Rs.204.25; Hindalco Inds, down 4.20 percent at Rs.93.60; Sun Pharma, down 1.85 percent at Rs.949.85; Sterlite Inds, down 0.98 percent at Rs.80.60; and Reliance Industries, down 0.66 percent at Rs.793.90.

Among other Asian markets, Japanese Nikkei was up by 1.66 percent while the Chinese Hang Seng dipped 0.52 percent. The Shanghai Composite Index was lower by 0.59 percent.

The European markets were trading in the positive territory. While London's FTSE 100 was trading 0.99 percent up, Germany's DAX Index was higher by 0.27 percent and France's CAC 40 Index was 0.81 percent up.